Account Dormancy Analytics

Project Description:

This project aims to develop an Account Dormancy Analytics dashboard to help monitor and reduce dormancy rates in a financial institution. The dashboard will provide insights into dormancy trends, identify factors contributing to dormancy, and track the effectiveness of reactivation efforts. Empower your financial institution to effectively manage dormant accounts, comply with regulations, and foster a thriving customer base.

Project Goals:

• Enhance customer retention by proactively identifying and addressing dormant accounts
• Improve operational efficiency in dormant account reactivation
• Track the performance of account officers, teams, zones, and groups in managing dormancy
• Comply with federal regulations regarding dormant accounts

Business Needs:

• Customer Retention: Dormant accounts represent a lost opportunity to generate revenue and maintain customer relationships. By proactively addressing dormancy, the bank can retain valuable customers.
• Operational Efficiency: Reactivating dormant accounts can be a resource-intensive process. A data-driven approach can help optimize reactivation efforts and reduce costs.
• Performance Management: Tracking the performance of account officers, teams, zones, and groups in managing dormancy can help identify areas for improvement and encourage performance-based initiatives.
• Compliance: Federal regulations require banks to transfer funds from dormant accounts to the national treasury after a predetermined period of inactivity. The dashboard can help ensure compliance with these regulations.

Data Insights Discovery and Presentation:

• Data Sources: The dashboard integrates data from various sources, including SQL Server, Oracle DB, MySQL, Azure SQL, Excel, and SharePoint. This comprehensive data collection provides a holistic view of dormancy patterns across the bank.
• Data Cleaning and Preparation: The raw data was cleaned and prepared to ensure its accuracy and consistency for analysis. This involves handling missing values, addressing data anomalies, and formatting the data appropriately.
• Data Visualization: The insights gained from data analysis were presented through interactive visualizations in Power BI. These visualizations will be designed to be clear, informative, and visually appealing, allowing users to easily understand the data and identify actionable trends.
• Dashboard Design: A user-friendly and intuitive dashboard was created using Power BI to provide an organized and accessible platform for exploring dormancy data. The dashboard enabled users to drill down into specific account segments, track trends over time, and identify areas for improvement.

Expected Impact:

• Reduced Dormancy Rates: The dashboard will provide valuable insights into dormancy trends, allowing the bank to implement targeted strategies to reduce dormancy rates and retain valuable customers.
• Improved Operational Efficiency: By identifying factors contributing to dormancy and tracking the effectiveness of reactivation efforts, the bank can streamline reactivation processes and optimize resource allocation.
• Enhanced Performance Management: The dashboard will provide a transparent view of performance across different levels of the organization, enabling the bank to identify and reward high-performing teams and account officers.
• Compliance Assurance: The dashboard will help ensure compliance with federal regulations regarding dormant accounts, preventing potential penalties and legal issues.

Overall, the Account Dormancy Analytics dashboard will play a crucial role in improving customer retention, operational efficiency, and overall business performance.